The value of goods imports in UK decreased by ?1.2 billion (2.5%) in March 2024, because of falls in imports of machinery and transport equipment and fuels, the Office for National Statistics reported.
The value of goods exports decreased by ?0.4 billion (1.3%) in March 2024, with a fall in exports to non-EU countries partially offset by a rise in exports to the EU.
The total goods and services trade deficit narrowed by ?4.7 billion to a deficit of ?7.8 billion in Quarter 1 2024, and has been steadily reducing since Quarter 1 2022.
The trade in goods deficit narrowed by ?3.1 billion to ?45.9 billion in Quarter 1 2024, linked to a substantial decrease in imports of machinery and transport equipment.
The trade in services surplus is estimated to have widened by ?1.6 billion to ?38.1 billion in Quarter 1 2024, with increases in exports of travel and transport services.
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